India has emerged as a global pioneer in digital payments, with millions of citizens now preferring online purchases over cash transactions. During the early days of India’s digital payments revolution, most fintech centered on empowering consumers, but merchants were hesitant to accept online payments.
Paytm, India’s most significant digital payments and financial services provider, played a critical role in establishing a two-sided ecosystem that enabled retailers to implement digital payment systems smoothly. Paytm has enabled nearly 3 crore merchants in the country to build their operations by providing innovative payment options and gadgets.
Paytm is improving its position in the offline payments scene with approximately 50 lakh device installations and remains the market leader in peer-to-merchant payments (P2M) transactions.
The revolutionary QR code
Paytm pioneered the QR code revolution in India, introducing the famous payment option in 2015. The QR code altered the way retailers accepted client payments and has been critical to India’s digital payments leadership; it was also the first technology that permitted large-scale online transactions.
It has enabled millions of small and medium-sized enterprises to take customer payments in seconds. The famous blue and white Paytm QR code scanner stationed outside shops in every lane, street, and primary market across the country speaks eloquently about Paytm’s involvement in helping popularize the use of QR codes in India.
The well-known Soundbox
Paytm founder and CEO Vijay Shekhar Sharma explained the backstory behind the creation of the Paytm Soundbox. This technology offers merchants quick audible signals when payments are successfully received from clients.
The company’s Soundbox has proven to be a game-changing innovation for Indian merchants, and it is playing an essential part in enabling tiny micro-businesses in India.
With compatibility for several payment methods such as Paytm Wallet, Postpaid, Paytm UPI, and other BHIM UPI apps, net banking, and cards, the Soundbox allows merchants to keep a record of all payments received effortlessly. It also supports English, Hindi, Tamil, Telugu, Kannada, Marathi, Malayalam, Bengali, Gujarati, Punjabi, and Odia.
Paytm also provides easy credit access to millions of merchants on its network as part of its loan distribution business in partnership with top financial institutions. Paytm has enabled millions of merchants to satisfy working capital requirements fast to grow their enterprises.
The volume and amount of merchant loans obtained by small businesses through Paytm are increasing sharply, owing to the company’s significant growth in its devices business.
Payment Gateway Paytm
Paytm Payment Gateway is one of India’s giant payment aggregators, powering some of the country’s most well-known brands. It has provided merchants with a wide range of payment alternatives on a single platform.
Paytm Payment Gateway enables online and omnichannel merchants to take payments across all channels with trust. Paytm provides retailers with more than 100 payment options, a robust dashboard for data-driven insights, and industry-leading success rates.
It also offers unique features such as immediate activation for easy onboarding (new merchants), access to all primary payment instruments (Paytm Wallet, Paytm Postpaid, credit/debit cards, UPI, and so on), next-day settlements, secure card tokenization, and so on.
Facilitating merchant commerce
Paytm also enables businesses to advertise or host their enterprises on its platform, allowing them to reach a larger audience. Many brands have been able to maximize their growth by leveraging Paytm’s broad reach.
Merchants use the Paytm app to enable commerce by selling tickets and discounts and permitting adverts. Paytm’s commerce and cloud services are in high demand among various companies, indicating that it is gaining traction among merchants looking to expand their reach.